AIMS AMP CAPITAL INDUSTRIAL REIT TRANSFORMATION ANNUAL REPORT SGX Counter Name: AIMSAMPIReit

Transcription

1 AIMS AMP CAPITAL INDUSTRIAL REIT TRANSFORMATION ANNUAL REPORT 2010 AIMS AMP CAPITAL INDUSTRIAL REIT TRANSFORMATION ANNUAL REPORT 2010 SGX Counter Name: AIMSAMPIReit

2 TRANSFORMATION AIMS AMP Capital Industrial REIT has completed its third year since listing in April The past year is best described as transformational, one in which the Trust has emerged as a stronger and more resilient vehicle. With a recapitalised balance sheet and two financially strong sponsors, the Trust is on course to deliver on its promise of secure income and sustainable growth to Unitholders. Contents 2 Our Sponsors 4 Financial Highlights FY Significant Events in FY Chairman s Report 10 Chief Executive Officer s Report 14 Structure of AIMS AMP Capital Industrial REIT 16 AIMS AMP Capital Industrial REIT Portfolio 18 Portfolio Analysis 22 Review of the Trust s Properties 36 Overview of the Singapore Economy and Industrial Real Estate Market 44 Board of Directors of the Manager 48 Management Team 49 Corporate Governance Statement 58 Risk Management 59 Financial Statements 100 Unitholders Information 102 Additional Information 104 Investors Summary 106 Investor Relations and Corporate Communications 107 Financial Performance Summary 108 Corporate Directory 109 Notice of Annual General Meeting

3 ANNUAL REPORT AIMS AMP Capital Industrial REIT ( AIMSAMPIREIT or the Trust ) AIMS AMP Capital Industrial REIT (formerly known as MacarthurCook Industrial REIT) is a real estate investment trust ( REIT ) that listed on the Singapore Exchange Securities Trading Limited ( SGX-ST ) on 19 April The Trust has the investment objective of owning and investing in a diversified portfolio of income-producing industrial real estate assets in Singapore and Asia. As at 31 March 2010, AIMSAMPIREIT s portfolio comprises 26 industrial properties, 25 of which are located throughout Singapore and one in Saitama, Tokyo, Japan. The Trust s portfolio has an appraised total value of $ million based on valuations obtained for the Singapore-located properties as at 21 December 2009 and for the Japan-located property as at 28 January The Trust s portfolio is diversified across the following key industrial subsectors: warehouse and logistics, manufacturing, business and office park and research and technology. The properties house a tenant base of international and local companies engaged in a wide range of economic activity, including construction and engineering, food and beverage, consumer goods, pharmaceuticals, oil and gas, information technology and logistics. The Trust is managed by AIMS AMP Capital Industrial REIT Management Limited (the Manager ), a joint venture REIT management company owned 50% each by AIMS Financial Group and AMP Capital Investors. AIMS Financial Group is a privately owned Australian, non-bank financial services and investment group, which has a solid track record in the Australian mortgage and securitisation markets. AMP Capital Investors is a wholly-owned subsidiary of Australian Securities Exchange listed AMP Limited, one of Australia s largest retail and corporate pension providers and one of the region s most significant investment managers. The Manager s key objectives are to deliver secure and stable distributions to Unitholders and to provide long-term capital growth. Key Highlights for the Financial Year ended 31 March 2010 ( FY2010 ) for the Trust +8.9% increase in net property income from previous year Portfolio was 96.0% occupied Leverage of 28.9%, reduced from 41.3% as at 31 March 2009 Net Asset Value per unit of $0.31 Total portfolio size of $ million Annual Report 2010 All figures are in Singapore dollars, unless otherwise specified.

4 2 AIMS AMP CAPITAL INDUSTRIAL REIT Our Sponsors AIMS FINANCIAL GROUP Established in 1991 by Mr George Wang, AIMS Financial Group ( AIMS ) is an Australian diversified non-bank financial services and investment group which has a solid track record in the Australian mortgage and securitisation markets. Since its founding, AIMS Financial Group has also expanded to become an international financial group focusing on lending, securitisation, real estate investment, private equity, investment banking, funds management, securities exchange ownership and e-commerce across the Asia Pacific region. AIMS holds an Australian Financial Service License (AFSL) for securitisation trust management granted by the Australian Securities and Investments Commission (ASIC). In the eight years to 2007, AIMS has raised directly and indirectly close to A$3 billion in funds from the capital markets, with most of the residential mortgage-backed securities (RMBS) rated AAA by both Standard & Poor s and Fitch Ratings. AIMS has originated over A$5 billion of high-quality, prime home loans since In the real estate funds management area, AIMS holds an AFSL granted by the ASIC to offer real estate funds management and mortgage funds management services. AIMS actively introduces international investors to the Australian real estate market, and has attracted over A$1 billion of investment from its international clients to invest in Australian direct property. Recent acquisitions have enhanced the vertical integration of AIMS Financial Group s real estate, funds management and capital market businesses. These include the acquisitions of Asia Pacific Exchange Limited, one of Australia s three licensed securities exchanges, in 2008, and MacarthurCook Limited in AIMS Financial Group s head office is in Sydney, Australia, and it has offices across Australia, China and Singapore. Together with its highly qualified, professional and experienced crosscultural teams, AIMS Financial Group is in a very strong position to bridge the gap between Australia and China in various markets. 8 & 10 Pandan Crescent, Singapore

5 ANNUAL REPORT 2010 Our Sponsors continued AMP Capital Investors AMP Capital Investors ( AMP Capital ) is a specialist investment manager with over A$96 billion in assets under management as at 31 March AMP Capital is a wholly owned subsidiary of AMP Limited ( AMP ). AMP Capital s teams of specialists operate across direct and listed real estate, infrastructure, equities, fixed income and credit. As one of the largest institutional real estate fund managers in Australia and New Zealand, AMP Capital has over A$20 billion in global direct and listed real estate funds under management. The group has over 45 years of real estate investment expertise and was ranked a Global Top 20 real estate investment manager by Towers Watson in AMP Capital was also ranked a Top 10 Australian company by Forbes in With established operations in Australia, New Zealand, China, Hong Kong, India, Luxembourg, Japan, Singapore and the United Kingdom, AMP Capital has over 200 in-house investment professionals, around 900 staff globally, and a carefully selected network of regional investment partners who can source competitive international investment opportunities catering for the varying needs of its clients. AMP Capital expanded its Singapore office in 2006 and is committed to building its investment business in Asia. As AMP Capital s Asian regional hub, the Singapore team specialises in Asian real estate, Asian equities and distribution. AMP is one of Australia s largest retail and corporate pension providers, and one of the region s most significant investment managers with over A$114 billion in assets under management as at 31 December AMP was established in 1849 as a mutual company and listed on the Australian and New Zealand stock exchanges in AMP has more than 3.6 million customers and over 3,500 employees. It has one of Australia s largest shareholder registers, with approximately 795,000 shareholders. One in six Australian adults is an AMP customer. 1A International Business Park, Singapore

6 AIMS AMP CAPITAL INDUSTRIAL REIT Financial Highlights FY2010 ($ million unless otherwise stated) For the Financial Year ended 31 March Gross revenue Net property income Amount available for distribution Distribution per unit ( DPU )(cents) Gross revenue comprises property rental income and property expenses recoverable from tenants. 2 DPU for FY2010 was lower than the corresponding period largely due to (i) the issuance of 221,428,572 Placement Units and 975,627,332 Rights Units in FY2010 and (ii) higher borrowing cost. Balance Sheet ($ million) as at 31 March Total assets Total liabilities Total borrowings Unitholders funds Total Units in issue and to be issued at end of the period (million) 1, Market capitalisation Based on 1,466.6 million Units in issue and the Trust s closing price of $0.215 per unit as at 31 March Based on million Units in issue and the Trust s closing price of $0.230 per unit as at 31 March Based on million Units in issue and the Trust s closing price of $0.985 per unit as at 31 March Key Financial Ratios as at 31 March Earnings per unit (cents) (2.65) (6.87) Net Asset Value ( NAV ) per unit ($) Aggregate leverage ratio (%) Interest coverage ratio 3 (times) Management expense ratio 4 (times) Restated for the effect of the underwritten renounceable 2-for-1 rights issue ( Rights Issue ) on 24 December A total of 975,627,332 Units were issued pursuant to the Rights Issue. 2 NAV as at 31 March 2010 was lower than the previous corresponding period largely due to the (i) issuance of 221,428,572 Placement Units and (ii) 975,627,332 Rights Units in FY Ratio of EBITDA over interest expense. Bank covenant of 2.5 times. The interest coverage ratio under the current terms of the bank loans is 4.2 times, calculated using EBITDA over interest expense for 4Q FY Expenses to weighted average net assets (excludes performance related fee): The expenses refers to the expenses of the Group excluding property- related expenses, borrowing costs and foreign exchange gains/(losses). The expense ratio, including performance fee for FY2009, is 1.36 %. There was no performance fee for FY2010 and FY2008. Unit Performance (Source: Bloomberg) 31 March March 2009 Closing price $0.215 $0.230 Highest price during financial year $0.450 $1.000 Lowest price during financial year $0.195 $0.200 Total volume traded (million Units) Average daily volume traded (Units) 1,721, ,595 Market capitalisation ($ million)

7 ANNUAL REPORT 2010 Financial Highlights FY2010 continued Distribution per Unit (cents) Net Property Income ($ m) Gross Revenue ($ m) Number of Properties in Portfolio FY FY FY FY FY FY FY2008 FY2009 FY FY FY FY2010 Total Assets ($ m) Market Capitalisation ($ m) Aggregate Leverage (%) FY FY FY Mar Mar Mar FY FY FY2010 AIMS AMP Capital Industrial REIT Unit Price and Volume (Source: Bloomberg) Unit Price ($) 1.5 Volume (Units) 40,000, ,000, ,000, ,000,000 0 May 10 Apr 10 Feb 10 Dec 09 Oct 09 Aug 09 Jun 09 Apr 09 Feb 09 Dec 08 Oct 08 Aug 08 Jun 08 Apr 08 Feb 08 Dec 07 Oct 07 Aug 07 Jun 07 Apr 07 0

8 6 AIMS AMP CAPITAL INDUSTRIAL REIT Significant Events during the Year FY2010 March 2009 April 2009 Extended the maturity date of the Trust s $220.8 million term loan facility from 18 April 2009 to 16 June Moody s Investors Service downgraded the Trust s corporate family rating to B2. May 2009 Announced results for the financial year ended 31 March 2009 ( FY2009 ) and a DPU of cents for the quarter ended 31 March June 2009 July 2009 August 2009 November 2009 Moody s downgraded the Trust s corporate family rating to Caa1. Extended the maturity date of the Trust s $202.3 million term loan facility from 16 June 2009 to 31 December The Trust s auditors, KPMG LLP, included an emphasis of matter in relation to the Financial Statements for FY2009. AIMS Financial Group acquired a 100% interest in MacarthurCook Limited, the parent company of the Trust s Manager, leading to a change in control of the Manager. Resignation of Mr Craig Mathew Dunstan as Executive Director of the Manager and Managing Director of MacarthurCook Limited, following the takeover by AIMS. Resignation of Mr Alastair Hugh Gurner as Independent Director of the Board. Announced financial results and a DPU of 1.51 cents for the first quarter ended 30 June Recomposition of the Manager s Board of Directors. Resignation of Mr Richard Michael Haddock as Chairman of the Manager and appointment of Mr George Wang as Non-Executive Chairman and Mr Gregory Allen Bundy and Mr Mark Thorpe-Apps as Non-Executive Directors. Announced financial results and a DPU of cents for the second quarter ended 30 September 2009 ( 2Q FY2010 ). Issue of a Unitholder Circular dated 6 November 2009, announcing a fully underwritten recapitalisation and refinancing of the Trust, subject to approval by Unitholders at an Extraordinary General Meeting ( EGM ) held on 23 November Moody s Investors Service placed the Trust s Caa1 corporate family rating on review for possible upgrade following the announcement of the Transactions. All five resolutions, as set out in the notice of EGM dated 6 November 2009, were duly passed at the EGM on 23 November Issued 221,428,572 new Units pursuant to the AMP Capital Investment and the Cornerstone Investments, bringing the total number of Units in issue to 487,813,666 as of 24 November 2009 and raising $62.0 million. Lodged an Offer Information Statement on 30 November 2009 with the Monetary Authority of Singapore in relation to a fully underwritten, 2-for-1 Renounceable Rights Issue to raise $155.1 million. Completed the acquisition of 1A International Business Park, Singapore ( 1A IBP ) from Eurochem Corporation Pte Ltd. for $90.2 million.

9 ANNUAL REPORT Significant Events during the Year FY2010 continued December 2009 January 2010 February 2010 March 2010 Raised $155.1 million with the issue of 975,627,332 Rights Units, bringing the total number of Trust Units in issue to 1,463,440,998 Units. Repaid JPY500.0 million ($7.8 million) of the JPY1.5 billion debt facility and bridged the balance of the facility until February Repaid $27.3 million of the $202.3 million debt facility. The balance of the facility, $175.0 million, was refinanced for three years to December Completion of the acquisition of 50% of the Manager and 50% of the Property Manager by AMP Capital Investors. Resignation of Mr Lawrence Alan Mendelowitz as Executive Director, Mr Gregory Allen Bundy and Mr Mark Thorpe-Apps as Non-Executive Directors and recomposition of the Board to include both Mr Simon Vinson and Mr Graham Sugden from AMP Capital Investors as Non-Executive Directors of the Manager. The name of the Trust was changed from MacarthurCook Industrial REIT to AIMS AMP Capital Industrial REIT. The name of the Manager was changed from MacarthurCook Investment Managers (Asia) Limited to AIMS AMP Capital Industrial REIT Management Limited, and the name of the Property Manager was changed from MacarthurCook Property Management Pte Limited to AIMS AMP Capital Property Management Pte Ltd. Moody s Investors Service upgraded the Trust s corporate family rating to Ba2 from Caa1 with a stable rating outlook. Capital Markets Service License was issued to the Manager by the Monetary Authority of Singapore. Completed the acquisition of four industrial properties (23 Tai Seng Drive, 3 Toh Tuck Link, 56 Serangoon North Avenue 4 and 30/32 Tuas West Road) from DB International Trust (Singapore) Limited, in its capacity as trustee of AMP Capital Business Space REIT (the 4 AMP Capital Properties ), for a total consideration of $68.6 million. Announced a special distribution of 0.95 cents per Unit to Unitholders for the period from 1 October 2009 to 23 November Announced 3Q FY2010 financial results and a distribution of cents per Unit for the period from 24 November 2009 to 31 December Resignation of Mr Lim How Teck as Independent Director and Chairman of the Audit, Risk and Compliance Committee. Refinanced the JPY Bridge Loan of JPY1.0 billion for two years to February Appointment of Mr Nicholas Paul McGrath as Executive Director and Mr Eugene Lai as Independent Director of the Manager. Appointment of Mr Norman Ip as Independent Director and Ms Giam Lay Hoon as Non-Executive Director of the Manager.

10 8 AIMS AMP CAPITAL INDUSTRIAL REIT Chairman s Report George Wang Chairman Dear Unitholders, The financial year ended 31 March 2010 was a transformational year for the Trust. The Trust is now well on track to charting a new course for a stable, rewarding future as one of Singapore s pre-eminent industrial real estate investment trusts. On behalf of the Manager s Board of Directors, I am pleased to present the Trust s Annual Report for FY2010. Transformation of the Trust in FY2010 FY2010 was an extraordinary year that began under very difficult global capital market and economic conditions. The global capital market turbulence in 2008 and 2009 meant that liquidity was almost non-existent and debt was extremely difficult to obtain or refinance. Against this backdrop, the Trust faced an uncertain future at the start of FY2010 given its impending debt expiries, unfunded contractual obligations and the financial challenges its sponsor, MacarthurCook Limited, was facing. The Trust had debt of $202.3 million due on 17 April 2009, together with an unfunded $90.2 million contractual obligation to purchase 1A International Business Park ( 1A IBP ) upon its completion in 3Q FY2010. The debt was extended twice on a short-term basis to 16 June 2009, and then to 31 December Put simply, the Trust had to recapitalise in order to continue as a going concern. Following completion of the acquisition of MacarthurCook Limited by AIMS Financial Group in July 2009, efforts were redoubled to solve the issues facing the Trust in order to achieve the best outcome for the Trust and its Unitholders. With your vote of approval at the Extraordinary General Meeting ( EGM ) in November 2009, the Trust was transformed into a vehicle with significant strength. Highlights include: Raising $217.1 million in equity, which enabled the acquisition of 1A IBP and the refinancing of the Trust s debt facilities; A sharp reduction in the Trust s leverage to 28.9% from 41.3%; The partial repayment and refinancing of debt facilities; An increase in the Trust s market capitalisation to $315.3 million from $60.2 million; and An increase in the Trust s portfolio size and diversity by 19.1% to $ million with the acquisition of 1A IBP and the four AMP Capital Properties.

11 ANNUAL REPORT Chairman s Report continued In addition, the Trust has gained the support of another strong Sponsor, AMP Capital Investors. AMP Capital Investors acquired 50% of the Trust s Manager and Property Manager, and became the largest substantial Unitholder with a 16.07% interest in the Trust s Units. The Trust was renamed AIMS AMP Capital Industrial REIT. AIMS Financial Group as a Sponsor In October 2009, AIMS Financial Group completed the acquisition of a 100.0% interest in MacarthurCook Limited, the parent company of the Manager of the Trust. At AIMS, we were particularly attracted to MacarthurCook s strong real estate funds management platform. We felt that the Trust was significantly undervalued despite it owning quality, income-earning industrial real estate assets in Singapore. I believe that the Trust has significant potential to become Singapore s leading independent pan-asian industrial REIT with a focus on Singapore in the near term, and China and other countries in the medium to longer term. AIMS has actively invested in the Trust s growth and holds a 7.65% interest in the Trust s Units as at 31 March As a substantial Unitholder of the Trust and Chairman of the Manager s Board of Directors, I am committed to the enhancement of returns to Unitholders. During my tenure as Chairman, I will ensure that the Trust takes appropriate steps that will benefit Unitholders in the long term. It is important that we continue to build on the Trust s existing strengths and adopt appropriate and financially sound strategies in pursuit of sustainable growth. The Chief Executive Officer s report states the key strategies of management to achieve these aims. Joint Venture with AMP Capital Investors I am also pleased that AMP Capital Investors, an internationally recognised funds management company with over A$20 billion in global direct and listed real estate funds under management, has joined AIMS as a Sponsor of the Trust. AMP Capital Investors investment was a significant step in their long-term Asian growth strategy and demonstrates its confidence in the Trust s potential. The Trust will benefit from AMP Capital Investors strong property funds management expertise and its platform in Asia. In addition, AMP Capital s risk management and compliance framework will ensure that the Trust has the benefit of best-practice risk and compliance procedures. Board of Directors With the change in the Sponsorship of the Trust, the Manager s Board of Directors has been reconstituted to comprise eight directors, including one executive director and three independent directors. I would like to thank Mr Lim How Teck, who resigned in February 2010 as Independent Director and Chairman of the Audit, Risk and Compliance Committee, for his invaluable contribution and advice throughout his tenure as a director on the Board of the Manager. I also wish to thank all of the following directors who served on the Board of the Manager in the past year: Mr Richard Michael Haddock, Mr Craig Mathew Dunstan, Mr Alastair Hugh Gurner, Mr Lawrence Alan Mendelowitz, Mr Gregory Allen Bundy and Mr Mark Thorpe-Apps. I would also like to welcome the following directors who joined the Board this year: Mr Simon Vinson, Mr Graham Sugden, Mr Eugene Paul Lai, Mr Norman Ip Ka Cheung, Ms Giam Lay Hoon and Mr Nicholas Paul McGrath. With these appointments, our Board is comprised of a quality team of corporate leaders who have substantial professional experience with complementary skill sets across real estate, accounting, banking, finance, legal and compliance, private equity and risk management. Annual General Meeting ( AGM ) The Annual General Meeting for the Trust is scheduled for Wednesday, 30 June 2010 at 2.00 p.m. at STI Auditorium, Capital Tower. The Board looks forward to meeting Unitholders at the AGM. Thank You In conclusion, I would like to sincerely thank our Unitholders, Trustee and our strategic partners, lenders and tenants for their support throughout FY2010. I would also like to extend my appreciation to my fellow Board members and, on behalf of the Board, thank the management team for their hard work and dedication throughout the year. We look forward to your continued support in FY2011. Yours faithfully, George Wang Chairman 25 May 2010

12 10 AIMS AMP CAPITAL INDUSTRIAL REIT Chief Executive Officer s Report Nicholas McGrath Chief Executive Officer and Executive Director Dear Unitholders, As the Chairman has highlighted in his report, FY2010 was an extraordinary year which saw the transformation of AIMS AMP Capital Industrial REIT into a stronger, more resilient REIT with excellent prospects for growth. The Trust ended its financial year with a market capitalisation of $315.3 million, low leverage of 28.9% with a stable debt platform out to 2012 and five additional investment grade properties that contribute to portfolio diversification. The Trust commences financial year 2011 having resolved all of the issues that have held it back in previous years, with a solid balance sheet demonstrating low leverage against conservative asset valuations, and well-positioned for growth. The Trust now has the support of two strong Sponsors in AIMS Financial Group and AMP Capital Investors, which bring with them a combination of demonstrated real estate funds management experience and an open approach to investment opportunities. Moving forward, the Board and management intend to implement a clear set of strategies which are designed to increase Unitholders value and liquidity through repositioning and growth of the existing portfolio. These strategies are described further below. Review of the Issues Facing the Trust at the Beginning of FY2010 When I joined the Manager as Chief Executive Officer in January 2009 at the height of the global financial crisis, the Trust had an aggregate leverage of approximately 40.0% and a loan facility of $202.3 million that was due to mature in April The Manager obtained a final extension of the loan to 31 December 2009, whilst reviewing possible solutions for additional funding. As detailed by the Chairman, the Manager embarked on recapitalisation transactions to secure the necessary funding to fulfil the Trust s obligations, and successfully raised $217.1 million in December for the Trust. Moody s Ratings Upgrade Following completion of the recapitalisation transactions, Moody s Investors Services acknowledged the significant improvement in the Trust s capital structure by upgrading the Trust s corporate rating by five notches to Ba2 from Caa1 on

13 ANNUAL REPORT Chief Executive Officer s Report continued 28 December From hereon, we are targeting an investment grade rating of at least Baa3 of the Trust by maintaining strict financial discipline and robust investment grade metrics. FY2010 Financial Performance For FY2010, AIMS AMP Capital Industrial REIT had a distribution per Unit of cents. The total distribution of $22.3 million for FY2010 was 4.6% lower than in FY2009. These results were the function of rental income contribution from the five newly acquired properties offset by higher interest expense. FY2010 gross revenue increased marginally year-on-year to $50.9 million. The increase reflected the full quarterly rental income contribution from 1A International Business Park, which was acquired in 3Q FY2010, and 80 days rental income contribution from the four AMP Capital properties which were acquired in 4Q FY2010. The five newly acquired properties will contribute an aggregate full-year rental income of approximately $12.0 million for the next financial year. FY2010 net property income increased 8.9% year-on-year to $40.1 million, driven largely by the acquisition of the five properties together with net lower operating expenses. The Trust s distributions are supported by the following key factors: High portfolio occupancy rate of 96.0%, compared to the Singapore industrial average of 91.2% 1. Security deposits which support the rental obligation of tenants, with the average security deposit being 9.5 months per property. A weighted average lease expiry of 4.4 years. Organic rental growth supported by built-in escalations that range from 2.5% to 8% on 20 of the Trust s properties which are under a master lease. Five multi-tenanted properties in the Trust s portfolio, giving it exposure to future growth in market rentals as the Singapore economy continues to recover. The key financial and operational metrics of the Trust as we commence our 2011 financial year include: An annualised yield of 10.0% 2, which represents a spread of 9.5% over the Singapore 12-month fixed deposit rate of 0.5% 3 and a spread of 1.9% over the Singapore industrial REIT sector average yield of 8.1% 4 as at 11 May Aggregate leverage of 28.9% as at 31 March A robust net asset value (NAV) of 31 cents per unit, as at 31 March 2010, following a write down of 13.0% during the period from 31 December 2008 to 31 March A unit price of 21.5 cents as at 11 May 2010, representing a 30.6% discount to the NAV per unit. An interest cover ratio (ICR) of 4.2 times for 4Q FY2010, compared to the Trust s bank facility ICR of 2.5 times. Strong, stable and predictable cashflows supported by occupancy of 96.0%, a weighted average lease expiry of 4.4 years and an average of 9.5 months of security deposit per property underpinning contracted rental obligations. Strategy for the Trust Moving Forward The Trust has a clear set of strategies which are designed to close the gap between trading price and NAV and to clearly differentiate itself from other Singapore industrial REITs. The goal of management, at all times, is to enhance Unitholder wealth by growing distributable income and to maximise the value of the Trust s portfolio. Moving forward, the Trust s key objective is to increase Unitholder value and liquidity through repositioning and growth of the existing portfolio. The Manager intends to achieve this through: An immediate focus on repositioning the Singapore portfolio through selective asset recycling that seeks to replace likely underperforming assets, combined with intensive asset management programs on retained assets. Negotiation of an increase in the facility amount under the existing debt facility, bringing total aggregate leverage from the current level of 29% up to approximately 35%. This will be the medium-term targeted maximum debt level. Refinancing of the existing $175 million debt facility. Positioning the Trust as an investor across all of the major industrial/business space sub-sectors in medium-sized single tenant assets and, potentially, larger facilities where the income can be derived from multiple tenants, thus spreading income risk and allowing for the addition of organic value through management input. Focus on the Singapore market in the near to medium term, but true to the original investment mandate for the Trust, over the longer term seeking opportunities across 1 URA, 1st quarter 2010 Real Estate Statistics, 23 April Based on annualised 4Q FY2010 DPU of cents and 11 May 2010 closing price of 21.5 cents month fixed deposit as at 30 April Source: The website of the Monetary Authority of Singapore. 4 Bloomberg analysis consensus estimates as at 11 May 2010.

14 12 AIMS AMP CAPITAL INDUSTRIAL REIT Chief Executive Officer s Report continued Asia where the two Sponsors have a presence, such as China, and increasing that geographical footprint as the Sponsors own businesses expand across Asia. Exploring medium-term opportunities for delivering development value to Unitholders through participation in selective development opportunities. Enhancing the skills applied by the current management team through selective additional appointments and systems upgrades, with particular emphasis on the provision of high level support where needed from the Sponsors. Moving forward, the Manager intends to actively implement its strategies through one or more of the following activities: 1. Portfolio management The disposal of the current single asset held in Japan during the next six months, with a redeployment of the net proceeds into either repayment of Singapore debt or into a Singapore acquisition. The potential sale of one or more smaller assets in Singapore in accordance with management s analysis of likely underperforming assets, with the intention of redeploying the proceeds into repayment of Singapore debt and/or a Singapore property acquisition. The utilisation of asset sale proceeds and existing debt capacity to acquire quality industrial real estate in Singapore. An increase in the critical mass of the Trust to position it for successful future growth. The Manager is targeting to increase the assets under management from the current $657.7 million as at 31 March 2010 to $1.4 billion within five years. As existing master leases expire and the Trust assumes multi-tenant relationships on its property portfolio, a sharply increased focus on positive leasing outcomes to capitalise on the expected improvement in market rentals as the Singapore economy recovers from the global financial crisis. The potential participation in build-to-suit development opportunities with partners over the medium term within the limits prescribed by the Singapore Property Funds Appendix. The enhancement of selected assets in the portfolio by increasing net lettable area to meet tenants growth requirements or identified demand in the market. 2. Capital management The maintenance of aggregate leverage between 30% and 35% through the next property cycle, increasing to the maximum in this band to fund the acquisition activity discussed above. A broadening and diversification of the Trust s funding sources beyond existing key relationships with our current lenders. The targeting of a refinance of the Trust s existing $175 million facility with a view to improving the financing terms for the Trust. Continuity of appropriate hedging of market-based risks such as interest rate and exchange rate risks. The targeting of an investment grade rating of Baa3 or above (current rating Ba2) from Moody s by maintaining strict financial discipline and investment grade metrics over the cycle. 3. Revised geographic focus AIMS AMP Capital Industrial REIT was listed in April 2007 with an investment mandate to invest in a diversified portfolio of income-producing real estate located throughout Asia, which is used for industrial/business space purposes. The strategy in the near to medium term is to refocus the Trust on opportunities in Singapore. Beyond this, management will consider opportunities in overseas markets where the Trust s Sponsors have a presence and domain knowledge, such as China, and take advantage of opportunities arising from the growth of the Sponsors businesses across the Asia region. Management will allocate resources to a complete analysis of investing structures and opportunities in those markets to prepare the REIT for possible acquisitions in the future. For now the Trust will seek to dispose of its single asset in Japan, but may seek to re-enter the Japanese market in a considered and more sustainable manner over the medium to long term when suitable opportunities arise. Looking Ahead In May 2010, the Ministry of Trade and Industry announced that the Singapore economy had expanded by 15.5% on a year-on-year basis in the first quarter of The Ministry maintained its earlier forecast for Singapore s growth in 2010 at between 7.0% and 9.0%. The forecast takes into consideration the more broad-based U.S. economic recovery and continued growth in key Asian economies, but also the intensification in downside risk in recent weeks resulting from heightened market anxiety over the possibility of sovereign debt default in Europe and concerns over excessive asset price inflation in emerging Asia.

15 ANNUAL REPORT Chief Executive Officer s Report continued The Singapore industrial property sector appears to have begun its recovery with a stabilisation of industrial rental rates and a small increase in rental rates for selected subsectors. A sustained economic recovery in Singapore and the rest of Asia will support the industrial market s recovery. Thank You I wish to extend my appreciation to the management team for their continued dedication and hard work. I also wish to thank our Unitholders, tenants and business partners for their unwavering support during the year. As the Chairman has expressed, the transformation of the Trust would not have been achieved without your support. We look forward to your continued support and a rewarding year ahead. Yours faithfully, Nicholas Paul McGrath Chief Executive Officer 25 May 2010 The Trust now has the support of two strong Sponsors in AIMS Financial Group and AMP Capital Investors, which bring a combination of demonstrated real estate funds management experience and an open approach to investment opportunities.

16 14 AIMS AMP CAPITAL INDUSTRIAL REIT Structure of AIMS AMP Capital Industrial REIT The following diagram indicates the relationships between the Trust, the Manager, the Property Manager, the Trustee and the Unitholders. Unitholders The Manager AIMS AMP Capital Industrial REIT Management Limited Shareholders AMP Capital Investors (50.0%) AIMS Financial Group (50.0%) Management Fees Management Services Holding of Units Distributions The Trust AIMS AMP Capital Industrial REIT The Trustee HSBC Institutional Trust Services (Singapore) Limited Acts on Behalf of Unitholders Trustee s Fees Ownership of Assets Net Property Income The Property Manager AIMS AMP Capital Property Management Pte. Ltd. Shareholders AMP Capital Investors (50.0%) AIMS Financial Group (50.0%) Properties Property Management and Other Services Property Management and Other Fees

17 ANNUAL REPORT

18 16 AIMS AMP CAPITAL INDUSTRIAL REIT The AIMS AMP Capital Industrial REIT Portfolio Portfolio Summary as at 31 March 2010 Location/Property 1 Major Tenants Date of Acquisition Purchase Price Logistics and Warehousing $'million 8 & 10 Pandan Crescent United Tech Park Pte Ltd 19/04/ Asahi Ohmiya Warehouse Saitama, Tokyo, Japan 8 MM Corporation 20/12/ Changi South Lane Ossia International Limited 19/04/ Tai Seng Drive Multi-tenanted: Farnell Components Pte Ltd Westfalia Separator (S.E.A.) Pte Ltd Kumpulan Development (S) Pte Ltd 17/12/ Changi South Street 3 Builders Shop Pte Ltd 17/12/ Yishun Industrial Park A BTH Global Pte Ltd 6 21/01/ Bukit Batok Street 22 Master lessee: GRP Limited 5 19/04/ Multi-tenanted: Guan Ming Hardware & Engineering Terasaki Electric Co. (F.E.) Pte Ltd Mentor Media Ltd 3 Toh Tuck Link Tavica Logistics Pte Ltd 9 11/01/ & 32 Tuas West Road Tavica Logistics Pte Ltd 9 11/01/ Tai Seng Drive Excalibur Holdings (S) Pte Ltd 9, IPC Corporation Ltd, T-Systems Singapore Pte Ltd 11/01/ Changi South Avenue 2 Master lessee: KTL Offshore Pte. Ltd 4 19/04/ Multi-tenanted: Futar Enterprises Pte Ltd Hock Transportation & Containers Warehousing Pte Ltd Pentagon Freight Services (S) Pte Ltd 56 Serangoon North Avenue 4 Crescendas Pte Ltd 9 11/01/ Admiralty Road Fook Tong Nam Industries Pte Ltd 19/04/ Clementi Loop Master lessee: Nova Engineering and Logistic Pte Ltd 7 31/03/ Multi-tenanted: Agility Fairs & Events Logistics Pte Ltd EM Services Pte Ltd 103 Defu Lane 10 Success Global Pte Ltd 6 21/01/ Subtotal Logistics and Warehousing Manufacturing 20 Gul Way Enviro-Metals Pte Ltd 10 19/04/ Joo Seng Road Powermatic Data Systems Ltd 10/03/ Tuas Ave 2 Cimelia Resource Recovery Pte Ltd 10 19/04/ Yishun Industrial Park A King Plastic Pte Ltd 03/10/ Kallang Way 2A Xpress Holdings Ltd 30/01/ & 10 Tuas Ave 20 C S Graphics Pte Ltd 19/04/ Senoko South Road Sin Hwa Dee Food Stuff Industries Pte Ltd 19/04/ Soon Lee Road Fullmark Pte Ltd 19/04/ Tuas Avenue 7 Aalst Chocolate Pte Ltd 19/04/ Subtotal Manufacturing Research & Technology 2 Ang Mo Kio Street 65 CIT Cosmeceutical Pte. Ltd 19/04/ Subtotal Research and Technology 15.2 Office Park 1A International Business Park Eurochem Corporation Pte Ltd 30/11/ Subtotal Office Park 90.2 TOTAL 666.9

19 ANNUAL REPORT Net Lettable Area Appraised Value 2 Rental Income for the Year ended 31 March 2010 Occupancy sq m $'million $ 000 % Land Lease Expiry Year 3 65, , , , Freehold 12, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Tuas Ave Tuas Ave , , , , , , , , , , , , , , , Notes: 1 All the properties in the portfolio are located in Singapore except for the Asahi Ohmiya Warehouse, which is located in Japan. 2 Appraised values were based on valuations obtained as at 21 December 2009 for the Singapore-based properties and as at 28 January 2010 for the Japan property. 3 Includes the period covered by the relevant options to renew. 4 The Trust assumed the existing multiple leases at 23 Changi South Avenue 2 following the expiry of the master lease with KTL Offshore Pte. Ltd on 18 April The occupancy rate at 23 Changi South Avenue 2 in this summary reflects the underlying subtenant occupancies as at 18 April 2010, following the expiry of the head lease. 5 The Trust assumed the existing multiple leases at 1 Bukit Batok Street 22 following the expiry of the master lease with GRP Limited on 18 April The occupancy rate at 1 Bukit Batok Street 22 in this summary reflects the underlying subtenant occupancies as at 18 April 2010, following the expiry of the head lease. 6 BTH Global Pte Ltd and Success Global Pte Ltd have shareholders who are related. 7 The Trust assumed the existing multiple leases at 7 Clementi Loop following the termination of the master lease with Nova Engineering and Logistic Pte Ltd on 9 March The occupancy rate at 7 Clementi Loop is expected to increase to 60.0% on 15 June 2010 upon the commencement of a two-year lease with EBS Logistics Pte Ltd. 8 The Asahi Ohmiya Warehouse was valued at JPY1.93 billion (conversion to SGD at JPY/SGD exchange rate of ). 9 Excalibur Holdings (S) Pte Ltd, Crescendas Pte Ltd and Tavica Logistics Pte Ltd are related to the shareholders of Crescendas Pte Ltd. 10 Both Enviro-Metals Pte Ltd (formerly known as E-Hub Metals Pte Ltd) and Cimelia Resource Recovery Pte Ltd are wholly-owned subsidiaries of Enviro-Hub Holdings Ltd, which is listed on the Main Board of the SGX-ST.

20 18 AIMS AMP CAPITAL INDUSTRIAL REIT Portfolio Analysis AIMS AMP Capital Industrial REIT Property Portfolio Key Statistics The AIMS AMP Capital Industrial REIT Portfolio Strategically Located Portfolio As at 31 March 2010 As at 19 April 2007 (IPO) Number of Properties Portfolio Value ($ m) Net Lettable Area (sq m) 349, ,980.7 Number of Tenants Occupancy 96.0% 100% Location of Properties Singapore, Japan Singapore The portfolio comprises 26 properties, of which 25 are strategically located in Singapore s established industrial areas and one in Saitama, Japan, a key logistics node in the Greater Tokyo area. The properties are easily accessible by major highways and are in close proximity to sea ports, airports, amenities and public transportation. Singapore Portfolio as at 31 March 2010 The Trust s presence throughout key industrial precincts in Singapore Logistics and Warehousing 8 & 10 Pandan Crescent 31 Admiralty Road 23 Changi South Avenue 2 10 Changi South Lane 7 Clementi Loop 103 Defu Lane Yishun Industrial Park A 11 Changi South Street 3 15 Tai Seng Drive 1 Bukit Batok Street & 32 Tuas West Road 3 Toh Tuck Link 23 Tai Seng Drive Serangoon North Avenue 4 Manufacturing 8 Senoko South Road Gul Way 21 3 Tuas Avenue Tuas Avenue & 10 Tuas Avenue Jurong Island Johor Causeway Link Soon Lee Road 135 Joo Seng Road 1 Kallang Way 2A 541 Yishun Industrial Park A Keppel Terminal Changi International Airport Major Expressways Research and Technology 2 Ang Mo Kio Street 65 Office Park IA International Business Park Asahi Ohmiya Warehouse Address: , 11, 13 Yoshinocho, Kita-Ku, Saitama City, Japan Asahi Ohmiya Warehouse

21 ANNUAL REPORT Portfolio Analysis continued The master leases at 23 Changi South Avenue 2 and 1 Bukit Batok Street 22 expired on 18 April 2010 and the Trust assumed the underlying subleases from that date. To present the most up to date analysis of the portfolio, rental income, where it is referred to in this section, is weighted according to rental income for the month of May Diversified Income Base The portfolio has a well-diversified tenant base, with no single tenant contributing more than 16.7% of rental income. This compares to the 33.6% contribution from the largest tenant at the time of listing. The top 10 tenant groups accounted for 73.4% of the Trust s rental income, compared to 94.2% in the initial portfolio at the time of listing. Based on contracted rental income for the initial 12 properties at the time of listing. Top 10 Tenant Groups 16.7% 9.9% 10.6% 11.9% 2.5% 2.9% 3.8% 4.0% 5.0% 6.1% United Tech Park Pte Ltd Notes: Eurochem Corporation Pte Ltd E-Hub Metals Pte Ltd and Cimelia Resource Recovery Pte Ltd 1 Tavica Logistics Pte Ltd and Crescendas Pte Ltd 2 BTH Global Pte Ltd and Success Global Pte Ltd 3 Ossia International Limited 1 Both Enviro-Metals Pte Ltd (formerly known as E-Hub Metals Pte Ltd) and Cimelia Resource Recovery Pte Ltd are wholly- owned subsidiaries of Enviro-Hub Holdings Ltd, which is listed on the Main Board of the SGX-ST. 2 Crescendas Pte Ltd and Tavica Logistics Pte Ltd are related to the shareholders of Crescendas Pte Ltd. 3 BTH Global Pte Ltd and Success Global Pte Ltd have shareholders who are related. Builder Shop Pte Ltd Powermatic Data Systems Ltd T-Systems Singapore Pte Ltd CIT Cosmeceutical Pte Ltd Diversified Property Usage and Diverse Tenant Industry Mix The Trust s properties are well-diversified across a spread of industrial trade sectors. Property Usage by Industrial Subsector % of Rental Income as at 31 March 2010 Logistics and Warehousing 59.9 Manufacturing 25.7 Office Park 11.9 Research and Technology 2.5 Property Usage by Industrial Subsector (by Rental Income) Office Park 11.9% Logistics and Warehousing 59.9% Research and Technology 2.5% Manufacturing 25.7%

22 20 AIMS AMP CAPITAL INDUSTRIAL REIT Portfolio Analysis Tenant Base by Trade Sector (by Rental Income) 16.0% 5.7% 4.6% 3.8% 10.5% 10.6% 2.9% 3.6% 2.4% 11.9% 5.0% 23.0% 3PL, Distributor/Trading, Storage, Warehousing 10.5% Diversified 16.0% Machinery & Equipment/Electrical Apparatus/Electronic Products and Components/Computer & IT 5.7% Pharmaceutical/Healthcare/ Cosmetics 4.6% Fashion/Textiles and Apparels 5.0% Plastic Products 2.4% Printing 3.8% Metals Recycling/ Distribution 10.6% Energy 11.9% Construction and Engineering/Building 23.0% Telecommunications 2.9% Food 3.6% Balanced Weighted Average Lease Expiry Profile The Trust benefits from a balanced and diversified weighted average lease expiry profile, which reduces the Trust s exposure to lease expiry in any one year. As at 31 March 2010, the weighted average lease term to expiry (by rental income) of all the properties was 4.4 years. Lease Expiry Profile (by Rental Income) Expiries as a % of rental income 14.3% 0% 14.7% 2.0% 0% 16.3% 3.7% 35.5% 10.0% 3.5% FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 Long Leasehold for Expiry of Underlying Land Lease As at 31 March 2010, the weighted average unexpired lease term for the underlying land of all properties is 43.6 years, compared to 47.8 years as at the Initial Public Offer. % of Net Lettable Area as at 31 March % 57.3% 16.5% 2.6% Expiries in Expiries in Freehold Expiries in

23 ANNUAL REPORT Portfolio Analysis continued High Occupancy Levels As at 31 March 2010, the portfolio was 96.0% occupied, which compares favourably with the Singapore industrial average occupancy rate of 91.2%.* Occupancy Rates as at 31 March 2010 The Trust in comparison with the Singapore industrial average 91.2% 90.1% 92.3% 96.0% The Trust Factory Space URA Industrial Average Warehouse Space * Source: Based on URA 1st quarter 2010 statistics. 91.2% is the average of the factory and warehouse space occupancy rates of 92.3% and 90.1%, respectively. Master Lease Arrangements Twenty-one properties in the portfolio under master lease arrangements, while five are under multi-tenanted leases. Master Lease and Multi-Tenanted Leases (by Rental Income) Multi-Tenanted 13.8% Master Lease 86.2% Additional Income Protection from Subleases Of the 21 properties under master lease arrangements, 16 of the properties have additional sublease arrangements which provide an additional layer of income protection. The Trust has the right to take over existing sub-tenancies upon the expiry of the master lease. Security Deposits All of the properties are supported by security deposits in the form of cash or bankers guarantees. As at 31 March 2010, the deposits ranged from 3 months rental to 18 months rental, with an average of 9.5 months rental per property for the portfolio. Rental Escalations Organic rental growth is supported by built-in rental escalations staggered throughout the leases of 20 properties. Nineteen properties have escalations that range from 2.5% to 8.0%, and one that is pegged to the Consumer Price Index.

24 22 AIMS AMP CAPITAL INDUSTRIAL REIT Property Showcase Singapore 8 & 10 Pandan Crescent 8 & 10 Pandan Crescent comprises one block of five-storey (Block 8) and one block of six-storey (Block 10) warehouse buildings. Each block has a similar layout and is served by passenger lift lobbies, warehouses with ancillary offices and cargo lift lobbies. The property has 80 loading/unloading bays with 38 dock-levellers on the first storey. The property is located in Pandan Crescent within the Jurong Industrial Estate, at the junction of the West Coast Highway. The property is approximately 15 km away from the city centre at Raffles Place and is well-served by expressways/major roads such as the West Coast Highway, Ayer Rajah Expressway and Jalan Buroh. 1A International Business Park 1A IBP comprises a 13-storey high-tech business park building with a basement car park with line-marked provisions for 114 cars. The building is suitable for business park use and incorporates office and warehouse areas, in addition to ancillary showroom areas. Located within the prestigious precinct of International Business Park, the property is well-served by a network of roads that provides easy access to all parts of the island. These include the Ayer Rajah Expressway, Pan-Island Expressway and Commonwealth Avenue West. Approximately 16 km away from the city centre at Raffles Place, International Business Park is a business and technology hub for companies involved in high-technology industries that include software development, research and ancillary activities. Property Details 8 & 10 Pandan Crescent Valuation ($ million) Valuation Date 21 December 2009 Capitalisation Rate (%) 7.00 Terminal Yield (%) 7.25 Discount Rate (%) 8.25 Acquisition Date 19 April 2007 Purchase Price ($ million) Leasehold Title Expiry Year 30 September 2068 Land Area (sq m) 32,376.5 Gross Floor Area (sq m) 80,940.0 NLA (sq m) 65,856.4 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 2.5 Current Plot Ratio 2.5 Lease Terms Lease Type Name of Major Tenant Master Lease United Tech Park Pte Ltd Property Details 1A International Business Park Valuation ($ million) 73.0 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.00 Terminal Yield (%) 7.25 Discount Rate (%) 8.25 Acquisition Date 30 November 2009 Purchase Price ($ million) 90.2 Leasehold Title Expiry Year 31 May 2059 Land Area (sq m) 7,998.4 Gross Floor Area (sq m) 19,949.6 NLA (sq m) 16,697.0 Property Type Business/Office Park Town Planning Business 1 Maximum Plot Ratio 2.5 Current Plot Ratio 2.5 Lease Terms Lease Type Name of Major Tenant Master Lease Eurochem Corporation Pte Ltd

25 ANNUAL REPORT Property Showcase Singapore 20 Gul Way 20 Gul Way comprises a large-scale industrial facility with production and warehouse areas, and ancillary office areas. The buildings comprise an administration block (Building A), a canteen block (Building B), a plant room/technician bay (Building D) and five production/warehouse buildings denoted as Buildings C1, C2, E, F, G, H and I. Buildings C and F each have a small single-storey annexe building which is generally used for storage. The buildings are spread over the site with generous open spaces. The property is located within the Jurong Industrial Estate, approximately 22 km from the city centre at Raffles Place. It is well-served by major arterial roads/expressways such as Jalan Ahmad Ibrahim, Ayer Rajah Expressway and the Pan-Island Expressway. 10 Changi South Lane 10 Changi South Lane comprises a part five-storey/part seven-storey warehouse with ancillary office space. The property is also equipped with eight loading and unloading bays with dock-levellers. An Automated Storage and Retrieval System (ASRS) is provided at the first-storey warehouse area. The property is located within Changi South Industrial Estate. It is approximately 15.5 km away from the city centre at Raffles Place and is well-served by expressways/ major roads such as the East Coast Parkway, Pan-Island Expressway and Upper Changi Road East. Property Details 20 Gul Way Valuation ($ million) 41.2 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 19 April 2007 Purchase Price ($ million) 39.4 Leasehold Title Expiry Year 15 January 2041 Land Area (sq m) 76,946.1 Gross Floor Area (sq m) 35,123.0 NLA (sq m) 32,208.3 Property Type Manufacturing Town Planning Business 2 Maximum Plot Ratio 1.4 Current Plot Ratio 0.46 Lease Terms Lease Type Name of Major Tenant Master Lease Enviro-Metals Pte Ltd Property Details 10 Changi South Lane Valuation ($ million) 26.5 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.00 Terminal Yield (%) 7.25 Discount Rate (%) 8.25 Acquisition Date 19 April 2007 Purchase Price ($ million) 33.8 Leasehold Title Expiry Year 15 June 2056 Land Area (sq m) 9,219.1 Gross Floor Area (sq m) 14,793.0 NLA (sq m) 12,655.9 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 2.50 Current Plot Ratio 1.60 Lease Terms Lease Type Name of Major Tenant Master Lease Ossia International Limited

26 24 AIMS AMP CAPITAL INDUSTRIAL REIT Property Showcase Singapore 15 Tai Seng Drive 15 Tai Seng Drive comprises a five-storey plus basement industrial warehouse building. The building accommodates warehouse areas and ancillary office areas over five levels. Basement warehouse/storage areas have been created within an area originally designated for car parking. Ample loading/unloading bays with dock-levellers, lorry and covered car parking lots are provided. The building has two passenger lifts and two cargo lifts which operate between all storeys, including the basement level. The property is located within the Tai Seng Industrial Estate, approximately 10 km away from the city centre at Raffles Place. It is well-served by the Pan-Island Expressway, Paya Lebar Road Airport Road and Macpherson Road. It has easy access to the Kallang Paya Lebar Expressway. 135 Joo Seng Road 135 Joo Seng Road comprises an 8-storey light industrial building incorporating a first-storey car park with seven storeys of areas primarily suitable for light industrial activities, in addition to a canteen located on the second storey. The building is equipped with two passenger lifts, two cargo lifts and six loading/unloading bays located on the first storey. The property is located at the north-western junction of Joo Seng Road and Jalan Bunga Rampai, approximately 15 km away from the city centre. It is well-served by the Upper Paya Lebar Road and Upper Aljunied Road, which link with the Pan-Island Expressway and the Kallang Paya Lebar Expressway. Property Details 15 Tai Seng Drive Valuation ($ million) 25.6 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.25 Terminal Yield (%) 7.50 Discount Rate (%) 8.50 Acquisition Date 17 December 2007 Purchase Price ($ million) 28.9 Leasehold Title Expiry Year 31 March 2051 Land Area (sq m) 9,077.9 Gross Floor Area (sq m) 21,350.0 NLA (sq m) 17,880.0 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 2.5 Current Plot Ratio 2.35 Lease Terms Lease Type Name of Major Tenants Multiple-tenanted Farnell Components Pte Ltd Kumpulan Development (S) Pte Ltd Westfalia Separator (S.E.A.) Pte Ltd Property Details 135 Joo Seng Road Valuation ($ million) 23.3 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.25 Terminal Yield (%) 7.50 Discount Rate (%) 8.50 Acquisition Date 10 March 2008 Purchase Price ($ million) 25.0 Leasehold Title Expiry Year 30 June 2054 Land Area (sq m) 5,420.1 Gross Floor Area (sq m) 12,835.0 NLA (sq m) 9,535.1 Property Type Manufacturing Town Planning Business 1 Maximum Plot Ratio 2.5 Current Plot Ratio 2.36 Lease Terms Lease Type Master Lease Name of Major Tenant Powermatic Data Systems Limited

27 ANNUAL REPORT Property Showcase Singapore 11 Changi South Street 3 11 Changi South Street 3 comprises a four-storey plus basement light industrial building incorporating four storeys of warehouse, office and showroom accommodation. A single basement level incorporates car parking for 60 bays and ancillary storage areas. Vertical access is provided by two passenger lifts and two cargo lifts which serve the basement to the fourth storey. There are three loading/unloading bays with dock-levellers. 11 Changi South Street 3 is located within Changi South Industrial Estate, approximately 16 km away from the city centre at Raffles Place. It is well-served by Xilin Avenue, the Pan-Island Expressway and the East Coast Parkway. 61 Yishun Industrial Park A 61 Yishun Industrial Park A comprises a six-storey industrial building with areas suitable for light manufacturing, warehouse and distribution and ancillary offices. Vertical access in the building is provided by a single passenger lift and three cargo lifts There are six loading/unloading bays located on the first storey. The property is located within Yishun Industrial Park A, approximately 24 km away from the city centre at Raffles Place. It is well-served by major expressways/major roads, including Yishun Avenue 2, which directly links with the Seletar Expressway. Property Details 11 Changi South Street 3 Valuation ($ million) 22.4 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.00 Terminal Yield (%) 7.25 Discount Rate (%) 8.25 Acquisition Date 17 December 2007 Purchase Price ($ million) 20.8 Leasehold Title Expiry Year 31 March 2055 Land Area (sq m) 8,832.6 Gross Floor Area (sq m) 14,015.9 NLA (sq m) 11,547.5 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 2.0 Current Plot Ratio 1.58 Lease Terms Lease Type Master Lease Name of Major Tenant Builders Shop Pte Ltd Property Details 61 Yishun Industrial Park A Valuation ($ million) 22.2 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 21 January 2008 Purchase Price ($ million) 24.6 Leasehold Title Expiry Year 31 August 2052 Land Area (sq m) 5,921.8 Gross Floor Area (sq m) 14,601.0 NLA (sq m) 13,471.0 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 2.5 Current Plot Ratio 2.47 Lease Terms Lease Type Master Lease Name of Major Tenant BTH Global Pte Ltd

28 26 AIMS AMP CAPITAL INDUSTRIAL REIT Property Showcase Singapore 3 Tuas Avenue 2 3 Tuas Avenue 2 comprises a two-storey ancillary office building, a single-storey factory building and a part two-/ part three-storey warehouse building. A cargo lift is provided at the warehouse building, which has loading and unloading areas. The property is located within the Jurong Industrial Estate, approximately 26.5 km away from the city centre at Raffles Place. The property is well-served by major arterial roads/ expressways such as Jalan Ahmad Ibrahim, the Ayer Rajah Expressway and the Pan-Island Expressway. 1 Bukit Batok Street 22 1 Bukit Batok Street 22 comprises an eight-storey industrial building incorporating a four-storey factory and eight storeys of ancillary office space. The building is equipped with two passenger and two cargo lifts. The property is located within the Bukit Batok Industrial Estate, approximately 15 km away from the city centre at Raffles Place. The property is well-served by expressways/ major roads such as the Pan-Island Expressway and Bukit Batok Road. Property Details 3 Tuas Avenue 2 Valuation ($ million) 22.0 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 19 April 2007 Purchase Price ($ million) 20.8 Leasehold Title Expiry Year 15 March 2055 Land Area (sq m) 17,802.7 Gross Floor Area (sq m) 16,334.3 NLA (sq m) 14,700.1 Property Type Manufacturing Town Planning Business 2 Maximum Plot Ratio 1.4 Current Plot Ratio 0.92 Lease Terms Lease Type Master Lease Name of Major Tenant Cimelia Resource Recovery Pte Ltd Property Details 1 Bukit Batok Street 22 Valuation ($ million) 20.0 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.25 Terminal Yield (%) 7.50 Discount Rate (%) 8.50 Acquisition Date 19 April 2007 Purchase Price ($ million) 18.0 Leasehold Title Expiry Year 30 June 2055 Land Area (sq m) 6,399.3 Gross Floor Area (sq m) 15,978.4 NLA (sq m) 14,134.9 Property Type Warehouse and Logistics Town Planning Business 1 Maximum Plot Ratio 2.5 Current Plot Ratio 2.5 Lease Terms Lease Type Name of Major Tenants Multiple-tenanted Guan Ming Hardware & Engineering Mentor Media Ltd Terasaki Electric Co. (F.E.) Pte Ltd

29 ANNUAL REPORT Property Showcase Singapore 3 Toh Tuck Link 3 Toh Tuck Link comprises a purpose-built part two-/ part-five storey warehouse building with ancillary offices. It accommodates high-bay and conventional warehouse areas on the first and third storeys, and ancillary office areas on all storeys. The building has a total of seven loading/unloading bays located at the first storey of the building, each one fitted with a dock-leveller. The property is located within the Toh Tuck Industrial Estate and is bounded by Toh Tuck Link, Old Toh Tuck Road and Toh Tuck Avenue. It is situated some 12 km to the west of the city centre at Raffles Place and is well-served by major roads and expressways such as Boon Lay Way, Commonwealth Avenue West and the Pan-Island Expressway. 30/32 Tuas West Road 30/32 Tuas West Road comprises two detached threestorey industrial buildings with a covered link at the firststorey driveway. No. 30 Tuas West Road is a single-user factory with an office building. No. 32 Tuas West Road accommodates warehouse areas/production areas/offices on the first storey and production areas/ancillary office areas on the upper floors. Vertical access within 32 Tuas West Road is facilitated by two cargo lifts and a passenger lift. The property is located along Tuas West Road, within the Tuas Industrial Estate some 25 km away from the city centre at Raffles Place. Accessibility to other parts of Singapore, as well as the Second Link to Johor Malaysia, is facilitated by its close proximity to the Ayer Rajah Expressway. Property Details 3 Toh Tuck Link Valuation ($ million) Valuation Date 21 December 2009 Capitalisation Rate (%) 7.25 Terminal Yield (%) 7.50 Discount Rate (%) 8.50 Acquisition Date 11 January 2010 Purchase Price ($ million) 19.3 Leasehold Title Expiry Year 15 November 2056 Land Area (sq m) 10,724.4 Gross Floor Area (sq m) 12,492.4 NLA (sq m) 11,446.0 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 1.6 Current Plot Ratio 1.16 Lease Terms Lease Type Name of Major Tenant Master Lease Tavica Logistics Pte Ltd Property Details 30/32 Tuas West Road Valuation ($ million) 17.8 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 11 January 2010 Purchase Price ($ million) 17.3 Leasehold Title Expiry Year 31 December 2055 Land Area (sq m) 12,894.9 Gross Floor Area (sq m) 14,838.1 NLA (sq m) 14,081.0 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 1.4 Current Plot Ratio 1.15 Lease Terms Lease Type Name of Major Tenant Master Lease Tavica Logistics Pte Ltd

30 28 AIMS AMP CAPITAL INDUSTRIAL REIT Property Showcase Singapore 23 Tai Seng Drive 23 Tai Seng Drive comprises a purpose-built six-storey light industrial building with a basement car park. The building accommodates reception/ancillary office/production areas on the first storey and production areas for clean and light industry uses and ancillary office areas on the upper levels. The building is equipped with two loading/unloading bays with a raised platform, located at the front section of the building and facing the main entrance to the development. The property is located at the junction of Tai Seng Drive and Tai Seng Avenue, some 9 km away from the city centre at Raffles Place. The property is well-served by major roads and expressways such as the Paya Lebar Road, Eunos Link and Pan-Island Expressway. 23 Changi South Avenue 2 23 Changi South Avenue 2 comprises a four-storey warehouse with ancillary office building equipped with a passenger lift and three cargo lifts. A loading/unloading area with six dock-levellers is provided on the first storey. The property is located within the Changi South Industrial Estate approximately 16 km away from the city centre at Raffles Place. It is well-served by expressways/major roads such as the East Coast Parkway, Pan-Island Expressway, Xilin Avenue and Upper Changi Road. Property Details 23 Tai Seng Drive Valuation ($ million) 17.6 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.00 Terminal Yield (%) 7.25 Discount Rate (%) 8.25 Acquisition Date 11 January 2010 Purchase Price ($ million) 17.2 Leasehold Title Expiry Year 31 July 2050 Land Area (sq m) 3,813.6 Gross Floor Area (sq m) 9,493.1 NLA (sq m) 8,561.0 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 2.5 Current Plot Ratio 2.5 Lease Terms Lease Type Name of Major Tenants Multiple-tenanted Excalibur Holdings (S) Pte Ltd IPC Corporation Ltd T-Systems Singapore Pte Ltd Property Details 23 Changi South Avenue 2 Valuation ($ million) 16.0 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.00 Terminal Yield (%) 7.25 Discount Rate (%) 8.25 Acquisition Date 19 April 2007 Purchase Price ($ million) 19.5 Leasehold Title Expiry Year 30 September 2054 Land Area (sq m) 9,948.2 Gross Floor Area (sq m) 12,260.7 NLA (sq m) 9,989.1 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 1.6 Current Plot Ratio 1.23 Lease Terms Lease Type Name of Major Tenants Multiple-tenanted Futar Enterprises Pte Ltd Hock Transportation & Containers Warehousing Pte Ltd Pentagon Freight Services (S) Pte Ltd

31 ANNUAL REPORT Property Showcase Singapore 56 Serangoon North Avenue 4 56 Serangoon North Avenue 4 comprises a purposebuilt seven-storey light industrial building incorporating warehouse areas on the first storey and factory areas incorporating ancillary office areas on the upper floors. The units generally have regular configurations with direct access to the cargo lift lobbies on the upper floors, leading to the loading/unloading bays on the first storey. The building is equipped with six loading/unloading bays and two dock-levellers at the first storey. The property is situated within the Serangoon North Industrial Estate, some 12 km away from the city centre at Raffles Place. The property is well-served by major roads and expressways such as Yio Chu Kang Road, Ang Mo Kio Avenue 5 and the Central Expressway. 31 Admiralty Road 31 Admiralty Road comprises a seven-storey factory with ancillary office building. The building is equipped with a passenger lift, a fireman s lift, two cargo lifts and a loading/ unloading area accommodating four bays with two dock-levellers on the first storey. The property is located within Admiralty Industrial Park, approximately 25 km away from the city centre at Raffles Place. The property is well-served by expressways such as the Bukit Timah Expressway and Seletar Expressway. Property Details 56 Serangoon North Avenue 4 Valuation ($ million) 15.2 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.25 Terminal Yield (%) 7.50 Discount Rate (%) 8.50 Acquisition Date 11 January 2010 Purchase Price ($ million) 14.8 Leasehold Title Expiry Year 15 May 2055 Land Area (sq m) 4,999.1 Gross Floor Area (sq m) 11,751.0 NLA (sq m) 10,424.0 Property Type Warehouse and Logistics Town Planning Business 1 Maximum Plot Ratio 2.5 Current Plot Ratio 2.35 Lease Terms Lease Type Name of Major Tenant Master Lease Crescendas Pte Ltd Property Details 31 Admiralty Road Valuation ($ million) 15.0 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 19 April 2007 Purchase Price ($ million) 13.4 Leasehold Title Expiry Year 30 April 2037 Land Area (sq m) 5,109.5 Gross Floor Area (sq m) 12,660.7 NLA (sq m) 10,197.1 Property Type Warehouse and Logistics Town Planning Business 1 Maximum Plot Ratio 2.5 Current Plot Ratio 2.5 Lease Terms Lease Type Master Lease Name of Major Tenant Fook Tong Nam Industries Pte Ltd

32 30 AIMS AMP CAPITAL INDUSTRIAL REIT Property Showcase Singapore 541 Yishun Industrial Park A 541 Yishun Industrial Park A comprises a four-storey factory building which primarily incorporates production, warehouse and office areas. Vertical access throughout all levels is provided by a single passenger lift and two cargo lifts servicing the production and warehouse areas. There are six loading/unloading bays with dock-levellers located at the first storey. The property is located within Yishun Industrial Park A and is approximately 24 km away from the city centre at Raffles Place. The property is well-served by expressways/major roads, including Yishun Avenue 2, which directly links with the Seletar Expressway. 1 Kallang Way 2A 1 Kallang Way 2A comprises an eight-storey light industrial building with areas suitable for light industrial activities and ancillary office and showroom areas. The building also features recreational areas in the form of an executive lounge, guest accommodation rooms, swimming pool, gymnasium, sauna, steam room and open seating areas. The building has two passenger lifts, a cargo lift, a fireman s lift and two loading/unloading bays. The property is located within Kallang Way Industrial Estate, approximately 10 km away from the city centre at Raffles Place. It is well-served by the Pan-Island Expressway, Central Expressway, Kallang Paya Lebar Expressway, MacPherson Road and Aljunied Road. Property Details 541 Yishun Industrial Park A Valuation ($ million) 13.8 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 3 October 2007 Purchase Price ($ million) 16.8 Leasehold Title Expiry Year 30 June 2054 Land Area (sq m) 6,851.4 Gross Floor Area (sq m) 8,770.9 NLA (sq m) 8,017.6 Property Type Manufacturing Town Planning Business 1 Maximum Plot Ratio 2.5 Current Plot Ratio 1.28 Lease Terms Lease Type Master Lease Name of Major Tenant King Plastic Pte Ltd Property Details 1 Kallang Way 2A Valuation ($ million) 13.2 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.00 Terminal Yield (%) 7.25 Discount Rate (%) 8.25 Acquisition Date 30 January 2008 Purchase Price ($ million) 14.0 Leasehold Title Expiry Year 30 June 2055 Land Area (sq m) 3,231.4 Gross Floor Area (sq m) 7,811.1 NLA (sq m) 6,910.7 Property Type Manufacturing Town Planning Business 1 Maximum Plot Ratio 2.5 Current Plot Ratio 2.42 Lease Terms Lease Type Master Lease Name of Major Tenant Xpress Holdings Ltd

33 ANNUAL REPORT Property Showcase Singapore 2 Ang Mo Kio Street 65 2 Ang Mo Kio Street 65 comprises an L-shaped three-storey factory building which was refurbished in The building is equipped with a cargo lift, a passenger lift and a loading/unloading bay. The property is located within the Ang Mo Kio Industrial Estate, approximately 16 km away from the city centre at Raffles Place. It is well-served by major arterial roads/ expressways such as the Central Expressway. 8 & 10 Tuas Avenue 20 8 & 10 Tuas Avenue 20 comprises two units of JTC Type D factories which were amalgamated into an extensively renovated two-storey detached factory. The property is located within the Jurong Industrial Estate, approximately 27 km away from the city centre at Raffles Place. It is well-served by major arterial roads and expressways such as Jalan Ahmad Ibrahim, Ayer Rajah Expressway and the Pan-Island Expressway. Property Details 2 Ang Mo Kio Street 65 Valuation ($ million) 12.7 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 19 April 2007 Purchase Price ($ million) 15.2 Leasehold Title Expiry Year 31 March 2047 Land Area (sq m) 5,610.2 Gross Floor Area (sq m) 7,325.0 NLA (sq m) 6,255.0 Property Type Research & Technology Town Planning Business 1 Maximum Plot Ratio 2.5 Current Plot Ratio 1.3 Lease Terms Lease Type Name of Major Tenant Master Lease CIT Cosmeceutical Pte. Ltd Property Details 8 & 10 Tuas Avenue 20 Valuation ($ million) 12.6 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 19 April 2007 Purchase Price ($ million) 11.6 Leasehold Title Expiry Year 8 Tuas Avenue October Tuas Avenue September 2052 Land Area (sq m) 10,560.0 Gross Floor Area (sq m) 10,918.0 NLA (sq m) 8,873.1 Property Type Manufacturing Town Planning Business 2 Maximum Plot Ratio 1.4 Current Plot Ratio 1.03 Lease Terms Lease Type Name of Major Tenant Master Lease CS Graphics Pte Ltd

34 32 AIMS AMP CAPITAL INDUSTRIAL REIT Property Showcase Singapore 7 Clementi Loop 7 Clementi Loop comprises a warehouse and office building consisting of a single-level high-bay warehouse and a threelevel plus mezzanine section with ancillary air-conditioned storage and office accommodation. The building has a passenger lift servicing the office and ancillary storage. There are eight loading and unloading bays with dock-levellers on the first storey. The property is located within Clementi West Distripark, approximately 12 km away from the city centre at Raffles Place. The property is well-served by the Pan-Island Expressway, Ayer Rajah Expressway and Commonwealth Avenue West. 103 Defu Lane Defu Lane 10 comprises a warehouse and office facility consisting of a three-storey office, and an adjoining two-storey warehouse. The building is equipped with two loading and unloading bays, a passenger lift and a cargo lift. The property is located within Defu Industrial Estate, approximately 13 km away from the city centre at Raffles Place. It is well-served by major roads including the Kallang Paya Lebar Expressway and Hougang Avenue 3, which provides access to the Pan-Island Expressway via Eunos Link. Property Details 7 Clementi Loop Valuation ($ million) 12.2 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.25 Terminal Yield (%) 7.50 Discount Rate (%) 8.50 Acquisition Date 31 March 2008 Purchase Price ($ million) Leasehold Title Expiry Year 15 June 2053 Land Area (sq m) 9,998.3 Gross Floor Area (sq m) 9,081.3 NLA (sq m) 9,081.3 Property Type Warehouse and Logistics Town Planning Business 2 Maximum Plot Ratio 1.6 Current Plot Ratio 0.91 Lease Terms Lease Type Name of Major Tenants Multiple-tenanted Agility Fairs & Events Logistics Pte Ltd EMS Services Pte Ltd Property Details 103 Defu Lane 10 Valuation ($ million) 11.3 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 21 January 2008 Purchase Price ($ million) 14.5 Leasehold Title Expiry Year 30 June 2043 Land Area (sq m) 7,541.0 Gross Floor Area (sq m) 9,045.6 NLA (sq m) 8,361.3 Property Type Warehouse and Logistics Town Planning Business 1 Maximum Plot Ratio 2.5 Current Plot Ratio 1.2 Lease Terms Lease Type Master Lease Name of Major Tenant Success Global Pte Ltd

35 ANNUAL REPORT Property Showcase Singapore 8 Senoko South Road 8 Senoko South Road comprises a six-storey factory with an ancillary office building and a single-storey annex building. The building has a passenger lift and two cargo lifts, as well as five loading/unloading bays with dock-levellers on the first storey. The property is located within the Woodlands East Industrial Estate, approximately 30 km from the city centre at Raffles Place. The property is well-served by expressways such as the Bukit Timah Expressway and the Seletar Expressway. 26 Tuas Avenue 7 26 Tuas Avenue 7 comprises a two-storey purpose-built factory with a mezzanine office level. The building has a loading and unloading bay and a cargo lift. The property is located within the Jurong Industrial Estate, approximately 27 km away from the city centre at Raffles Place. The property is well-served by major arterial roads/ expressways such as Jalan Ahmad Ibrahim, Ayer Rajah Expressway and the Pan-Island Expressway. Property Details 8 Senoko South Road Valuation ($ million) 11.3 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 19 April 2007 Purchase Price ($ million) 12.8 Leasehold Title Expiry Year 31 October 2054 Land Area (sq m) 7,031.3 Gross Floor Area (sq m) 9,249.0 NLA (sq m) 7,278.9 Property Type Manufacturing Town Planning Business 2 Maximum Plot Ratio 2.5 Current Plot Ratio 1.3 Lease Terms Lease Type Name of Major Tenant Master Lease Sin Hwa Dee Food Stuff Industries Pte Ltd Property Details 26 Tuas Avenue 7 Valuation ($ million) 9.4 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.50 Terminal Yield (%) 7.75 Discount Rate (%) 8.50 Acquisition Date 19 April 2007 Purchase Price ($ million) 8.3 Leasehold Title Expiry Year 31 December 2053 Land Area (sq m) 5,823.3 Gross Floor Area (sq m) 6,125.3 NLA (sq m) 5,522.1 Property Type Manufacturing Town Planning Business 2 Maximum Plot Ratio 1.4 Current Plot Ratio 1.05 Lease Terms Lease Type Master Lease Name of Major Tenant Aalst Chocolate Pte Ltd

36 34 AIMS AMP CAPITAL INDUSTRIAL REIT Property Showcase Singapore, Japan 10 Soon Lee Road 10 Soon Lee Road comprises a four-storey factory with an ancillary office building and a single-storey factory building. The building is equipped with a passenger lift, a goods lift, a pallet lift and a loading/unloading area accommodating three unloading bays with dock-levellers on the first storey. The property is located within the Jurong Industrial Estate, approximately 20 km away from the city centre at Raffles Place. It is well-served by major arterial roads/expressways such as Jalan Ahmad Ibrahim, Ayer Rajah Expressway and the Pan-Island Expressway. Asahi Ohmiya Warehouse, Japan Asahi Ohmiya Warehouse comprises a four-storey warehouse with a three-storey office building. The loading/ unloading bay servicing the tenancy is located at the rear of the property. The warehouse building is serviced by three lifts. Developments in the vicinity are generally logistic in nature. The property is located at the centre of the Saitama logistics sub-market and is about 750 metres away from the Konba train station in Saitama city. The city is the capital of Saitama Prefecture and is approximately 35 km north of central Tokyo. Property Details 10 Soon Lee Road Valuation ($ million) 9.4 Valuation Date 21 December 2009 Capitalisation Rate (%) 7.75 Terminal Yield (%) 8.00 Discount Rate (%) 8.50 Acquisition Date 19 April 2007 Purchase Price ($ million) 8.7 Leasehold Title Expiry Year 12 March 2041 Land Area (sq m) 9,303.3 Gross Floor Area (sq m) 8,142.0 NLA (sq m) 7,214.5 Property Type Manufacturing Town Planning Business 2 Maximum Plot Ratio 2.50 Current Plot Ratio 0.88 Lease Terms Lease Type Master Lease Name of Major Tenant Fullmark Pte Ltd Property Details Japan Asahi Ohmiya Warehouse Valuation ($ million) 28.9 Valuation Date 28 January 2010 Capitalisation Rate (%) 6.00 Acquisition Date 20 December 2007 Purchase Price ($ million) Leasehold Title Expiry Year Freehold Land Area (sq m) 4,545.5 Gross Floor Area (sq m) 9,088.6 NLA (sq m) 9,088.6 Property Type Warehouse and Logistics Town Planning Exclusive Industrial District Lease Terms Lease Type Master Lease Name of Major Tenant MM Corporation

37 ANNUAL REPORT

38 36 AIMS AMP CAPITAL INDUSTRIAL REIT Overview of the Singapore Economy and Industrial Real Estate Market (The following report was prepared as at 11 May 2010, by Colliers International Singapore Pte Ltd for the purpose of this Annual Report) 1. The Singapore Economy: 2009 and First Quarter 2010 in Review The Singapore economy, which enjoyed seven consecutive years of economic expansion from 2002 to 2008, was adversely affected by the global financial crisis in As a result, real Gross Domestic Product (GDP) contracted by 2.0% during 2009, although this was mitigated to some extent by the uplift in economic prospects and the nascent recovery experienced in the last two quarters of the year. More specifically, real GDP, which turned negative in 4Q 2008, expanded by 0.6% year-on-year (YoY) in 3Q 2009 and by a further 4.0% YoY in 4Q The improvement in economic performance continued into the first three months of According to advance estimates released by the Ministry of Trade and Industry (MTI) on 14 April 2010, the Singapore economy grew strongly in 1Q 2010, up 13.1% YoY. 1.1 The Manufacturing Sector s Performance and Investment Commitments Singapore s key manufacturing sector, which contributes to about 25% of the country GDP, contracted by 4.1% in 2009, due to a slowdown in external trade. However, the extent of decline was mitigated by the rebound in total manufacturing output in the second half of the year, which rose by 7.6% and 2.2% in 3Q 2009 and 4Q 2009, respectively. According to advance estimates released by the MTI on 14 April 2010, overall manufacturing output rose 30.0% YoY in 1Q 2010, driven by the robust expansion in electronics production and biomedical manufacturing output. The lacklustre business and economic environment of 2009 also affected the quantum of fixed asset investments (FAI) in the manufacturing sector, which fell 38.4% from its peak of $16.4 billion in 2008 to $10.1 billion in 2009, according to latest available statistics. Nonetheless, this was still higher than levels seen between 2002 and Leading the decline in FAI was the chemicals cluster (-73.5%), followed by the general manufacturing industries (-44.8%) and transport engineering (-43.8%) clusters. In contrast, there were more investments in the precision engineering (69.9%), electronics (66.9%) and biomedical manufacturing (41.1%) clusters. 1.2 Transport and Storage Sector Performance Affected by the decline in manufacturing output, the transport and storage sector registered a 7.0% YoY fall in output to around $20.3 billion in 2009, according to latest available statistics. The performance of the transport and storage sector was also affected by the slow down in global trade in According to figures from the Economic Survey of Singapore, the quantum of sea cargo handled in 2009 fell 8.4% YoY to million tonnes, while total container throughput fell 13.5% to 25.9 million twenty-foot equivalent units (TEUs). Over the same period, the amount of air cargo handled contracted by 12.1% YoY to 1.6 million tonnes. 1.3 Economic Outlook Backed by firmer signs of improving global economic prospects, including rebounds in global trade flows and continued expansion in industrial production, the Singapore economy is projected to expand by between 7.0% and 9.0% in 2010, according to latest projections from the MTI released on 14 April This was the second upward revision of its earlier 2010 growth forecasts of 3.0% to 5.0%, and 4.5% to 6.5%, respectively.

39 ANNUAL REPORT Overview of the Singapore Economy and Industrial Real Estate Market continued 2. Factory Market Overview 2.1 Existing and Potential Supply As of 1Q 2010, Singapore s island-wide stock of factory space (all types) stood at million sq ft, according to figures from the URA, after the net addition of 1.4 million sq ft of new factory space in 1Q This was on top of the 13.9 million sq ft added in 2009, which was the highest quantum of annual new supply seen since the addition of 15.7 million sq ft in The majority of the existing factory space (42.1%) was located in the Western planning region, followed by the Central (20.6%), North (15.9%), East (13.6%) and Northeast (7.8%) planning regions. The private sector owned 82.2% of the existing supply and the public sector owned 17.8%. Based on available information as of 1Q 2010, some 19.9 million sq ft 1 (net floor area) of new factory space are projected to be completed between 2Q 2010 and Of this total upcoming supply, 28.7% are expected to be ready by end-2010, followed by 33.3% in 2011 and 18.5% in The completion of the remaining 19.6%, or 3.9 million sq ft, is expected to materialise in 2013 and Including the 1.4 million sq ft added to the island-wide factory stock in 1Q 2010, this represents an average factory space supply of 4.3 million sq ft per year, significantly lower than the annual net new supply of 7.3 million sq ft between 2000 and Net New and Potential Supply of Factory Space (as of 1Q 2010) Net Floor Area (million sq ft) F 2013F 2012F 2011F 2010F F: Forecast Source: URA/Colliers International Singapore Research Completed Upcoming 2.2 Demand and Occupancy Affected by the poor economic and manufacturing environment, supply consistently outstripped demand between 4Q 2008 and 4Q As a result, overall net new demand of factory space shrunk from 11.4 million sq ft in 2008 to 8.0 million sq ft in This led to a 29.1% YoY surge in vacant space and a corresponding 1.5-percentage point slide in the average occupancy rate to 91.9%, as of 4Q Following the improvement in economic and manufacturing sector prospects, net new demand totalled 2.5 million sq ft, exceeding the net new supply of 1.4 million sq ft in 1Q This lifted the average occupancy rate to 92.3% as of 1Q Note that the level of potential supply could increase due to new projects that may be proposed in the next one to two years.

40 38 AIMS AMP CAPITAL INDUSTRIAL REIT Overview of the Singapore Economy and Industrial Real Estate Market continued Net New Demand and Occupancy Rate of Factory Space Net Floor Area (million sq ft) % 90.4% % % % % 90.7% % % 91.9% % 92.2% 92.3% 91.9% 91.9% Occupancy Rate (%) Q10 4Q09 3Q09 2Q09 1Q09 Source: URA/Colliers International Singapore Research Net New Demand Occupancy Rate 2.3 Rents and Capital Values of Multi-User Factory Space Rents According to rental data from the URA s Property Market Information publication as of 1Q 2010, the median rent of multi-user factory space succumbed to downward pressure in 2009, in the wake of weak demand and the rise in vacancies. This was after trending upwards for five consecutive years. For the entire year, rents were down 12.1% YoY to $1.47 per sq ft per month. Monthly Median Gross Rents of Multi-User Factory Space $ per sq ft per mth Q10 4Q09 3Q09 2Q09 1Q09 Source: URA/Colliers International Singapore Research However, quarterly data revealed that the rental decline had ceased in 4Q 2009 after sliding for four quarters. The median rent of factory space, which crept up 0.4% quarter-on-quarter (QoQ) in 4Q 2009, strengthened by another 0.8% QoQ to $1.48 per sq ft per month as of 1Q Capital values Mirroring the rental trend, figures from the URA showed the median price of multi-user factory space fell by 14.2% in 2009 to $302 per sq ft by the end of the year, after climbing for five straight years. More specifically, the median price of multi-user factory space, which started to fall in 4Q 2008, bottomed out in 3Q Over the next two quarters, the median price rose by 1.5% per quarter to $306 per sq ft, as of 1Q 2010.

41 ANNUAL REPORT Overview of the Singapore Economy and Industrial Real Estate Market continued Median Price of Multi-User Factory Space $ per sq ft Q10 4Q09 3Q09 2Q09 1Q09 Source: URA/Colliers International Singapore Research 2.4 Market Outlook With economic and manufacturing sector prospects looking positive, more firms are expected to reactivate their business expansion plans, thereby supporting demand for factory space. Coupled with the reduction in annual net new supply to an estimated 4.3 million sq ft between 2010 and 2014, from 7.3 million sq ft for the past 10 years between 2000 and 2009, this would support occupancy levels. Rents and capital values of factory space are thus forecast to strengthen by up to 5% in Warehouse Market Overview 3.1 Existing and Potential Supply The net new supply of warehouse space shrunk to 2.9 million sq ft in 2009, from 3.7 million sq ft in 2008, following the softening in demand since 4Q 2008 on the back of a weak manufacturing sector. Nevertheless, this was still above the 10-year annual average of 1.8 million sq ft from 1999 to In 1Q 2010, the quantum of space withdrawn exceeded new completions. This resulted in the overall net withdrawal of 97,000 sq ft of warehouse space and a marginal 0.1% QoQ reduction in the island-wide warehouse stock to 73.9 million sq ft, as of 1Q The majority (99.3%) of this supply was held by the private sector, with the public sector owning a small share of 0.7%. Geographically, the bulk (58.0% or 42.8 million sq ft) of the island-wide warehouse stock was located in the Western planning region. The Central planning region had the second largest share at 18.9%, followed by the East (13.3%), North (5.3%) and Northeast (4.5%) planning regions. Going forward, an estimated 5.3 million sq ft 2 (net floor area) of new warehouse space is expected to be completed between 2Q 2010 and 2014, based on available information as of 1Q Of this total upcoming supply, 15.8% or 0.8 million sq ft are expected to enter the market by end However, the bulk of the potential supply is expected to materialise in 2011 (28.2%), before tapering off over the next three years to 24.7% in 2012, 22.5% in 2013 and 8.8% in Note that the level of potential supply could increase due to new projects that may be proposed in the next one to two years.

42 40 AIMS AMP CAPITAL INDUSTRIAL REIT Overview of the Singapore Economy and Industrial Real Estate Market continued Net New and Potential Supply of Warehouse Space (as of 1Q 2010) 3.7 Net Floor Area (million sq ft) F 2013F 2012F 2011F 2010F F: Forecast Source: URA/Colliers International Singapore Research Completed Upcoming Withdrawal 3.2 Demand and Occupancy In 2009, on the back of the weak manufacturing sector, net new demand recorded a steep 86.1% YoY fall to 0.6 million sq ft from 4.3 million sq ft in With supply remaining high at 2.9 million sq ft, this exerted downward pressure on occupancy levels which dropped 2.8 percentage points to 90.0%, as of end However, with net new demand improving to 43,000 sq ft from the net contraction of 0.5 million sq ft in 4Q 2008, and the reduction in available stock, the island-wide average occupancy rate crept up marginally by 0.1-percentage point to 90.1% as of 1Q Net New Demand and Occupancy Rate of Warehouse Space 92.8% 93.0% Net Floor Area (million sq ft) 87.2% 87.8% % 84.8% % % 88.7% % % % 91.0% 90.1% 90.0% Occupancy Rate (%) Q10 4Q09 3Q09 2Q09 1Q Source: URA/Colliers International Singapore Research Net New Demand Occupancy Rate 3.3 Rents and Capital Values of Multi-User Warehouse Space Rents Based on rental data from URA s Property Market Information report as of 1Q 2010, the median rent of multi-user warehouse space, which held steady in 2008, fell 15.6% in 2009 to $1.38 per sq ft per month as of 4Q 2009, on the back of weak demand and the rise in vacant stock. However, supported by the uplift in economic and manufacturing sector prospects, the slide in rents ceased in 4Q 2009 after four straight quarters of decline. As of 1Q 2010, the median rent for multi-user warehouse space, which stayed unchanged in 4Q 2009, rose 3.6% QoQ to $1.43 per sq ft per month.

43 ANNUAL REPORT Overview of the Singapore Economy and Industrial Real Estate Market continued Monthly Median Gross Rents of Multi-User Warehouse Space $ per sq ft per mth Q10 4Q09 3Q09 2Q09 1Q09 Source: URA/Colliers International Singapore Research Capital values Median prices of multi-user warehouse space, which first eased by 1.2% YoY in 2008, fell by 16.0% in 2009 to $402 per sq ft as of 4Q Similar to rents, the fall in median price, which started in 4Q 2008, reached its trough in 3Q Over the next six months, the median price of multi-user warehouse space rose 5.3% in 4Q 2009, and a further 1.5% QoQ in 1Q 2010, to register at $408 per sq ft as of March Median Price of Multi-User Warehouse Space $ per sq ft Q10 4Q09 3Q09 2Q09 1Q09 Note: Information for 2001 is unavailable. Source: URA/Colliers International Singapore Research 3.4 Market Outlook The Singapore economy and manufacturing sector is expected to remain on the expansionary path for the rest of the year; this would support the demand for warehouse space. Furthermore, net new supply slowing down to around 1.0 million sq ft per annum between 2010 and 2014, compared to 1.9 million sq ft between 2000 and 2009, is expected to boost occupancy rates. Rents and capital values of warehouse space are thus forecast to appreciate by up to 5% for the entire Business and Science Parks 4.1 Existing and Potential Supply According to figures from the URA, the addition of some 1.8 million sq ft of new business and science park space in 2009 the largest annual net new supply seen since Urban Redevelopment Authority (URA) s statistical series for business park space starts from 3Q 2002.

44 42 AIMS AMP CAPITAL INDUSTRIAL REIT Overview of the Singapore Economy and Industrial Real Estate Market continued raised the island-wide stock of business and science park space to around 12.9 million sq ft, as of 4Q This represents an increase of 15.9% YoY, and was significantly higher than the average net new supply of 0.7 million sq ft per annum from 2003 to Following the net increase of around 0.3 million sq ft of space, this brought the island-wide stock of business and science park space to 13.2 million sq ft as of 1Q More than half (51.3%) of this supply was located in the Central planning region, with the remainder distributed between the West (28.5%) and East (20.2%) regions. In terms of ownership, 79.1% of the existing stock was held by the private sector, with the public sector holding the smaller 20.9% stake. An estimated 5.8 million sq ft 4 (net floor area) of new business and science park space are expected to be completed between 2Q 2010 and 2014, based on available information as of 1Q The majority (37.6%) of this upcoming supply will be located in one-north. The Alexandra precinct and Changi Business Park will each contribute 21.6% to the total potential supply, followed by Science Park (13.7%) and Cleantech Park (5.6%). By year, 38.3% of the upcoming supply is expected to come on stream by end Supply is expected to be low in 2011 (9.4%) and 2012 (10.5%), before rising in 2013 (28.5%). The rest of the supply (13.3%) is expected to come on stream in Including the 0.3 million sq ft added in 1Q 2010, this works out to an average of 1.2 million sq ft per annum between 2010 and 2014, significantly higher than the annual net new supply of 0.9 million sq ft between 2003 and Net New and Potential Supply of Business & Science Park Space (as of 1Q 2010) Net Floor Area (million sq ft) F 2011F 2012F 2013F 2014F F: Forecast Source: URA/Colliers International Singapore Research Completed Upcoming 4.2 Demand and Occupancy Due to the adverse effect of the economic downturn in 2009, the business and science park segment saw a net return of around 22,000 sq ft of space during the year. This can be attributed to space returned by companies consolidating their business operations. At the same time, take-up was affected by firms placing business expansion plans on hold, and from stronger competition for qualifying office space users after rents of Grade B office space located at the fringes of the central business district and regional centres tumbled by over 30% in As a consequence, the average occupancy rate declined by 13 percentage points YoY to 80.8%, as of 4Q Note that the level of potential supply could increase due to new projects that may be proposed in the next one to two years.

45 ANNUAL REPORT Overview of the Singapore Economy and Industrial Real Estate Market continued Supported by the improvement in net take-up to 0.3 million sq ft in 1Q 2010 and the slowdown in net new supply, the average occupancy rate of business and science park space inched up 0.4 percentage point to 81.2% as of 1Q Net New Demand and Occupancy Rate of Business & Science Park Space 93.8% Net Floor Area (million sq ft) 71.2% % % 89.4% 85.8% % 90.3% 90.3% % 80.8% % 0.3 Occupancy Rate (%) Q09 2Q Q09 4Q09 1Q10 Source: URA/Colliers International Singapore Research Net New Demand Occupancy Rate 4.3 Rents of Multi-User Business and Science Park Space According to rental information sourced from the URA s Real Estate Information System (REALIS), which is based on actual rental transactions, the median rent of business and science park space declined by 22.0% in 2009 to end the year at $3.33 per sq ft per month, on the back of weak demand and the rise in vacant space. This was despite the median rent bottoming out in 3Q Rental growth gathered pace in 1Q 2010 amid better economic and business prospects. According to the URA, the median rent of business and science park space rose 11.1% QoQ in 1Q 2010 to $3.70 per sq ft per month as of end-march Monthly Median Gross Rents of Business and Science Park Space $ per sq ft per mth Q10 4Q09 3Q09 2Q09 1Q09 Source: URA/Colliers International Singapore Research 4.4 Market Outlook The Government s commitment towards growing high value-added, technology-based manufacturing industries and attracting more R&D investments would support the demand for business and science park space. However, in view of the still substantial 2.5 million sq ft of vacant space as of 1Q 2010, rents are likely to remain under pressure in 1H 2010, albeit it is expected to bottom out in 2H 2010, barring any unforeseen external shocks.

46 44 AIMS AMP CAPITAL INDUSTRIAL REIT Board of Directors of the Manager MR GEORGE WANG, Aged 48 Non-Executive, Non-Independent Chairman Mr Wang is the Chief Executive Officer and Chairman of the AIMS Group of Companies. He has 18 years of experience in lending, real estate investment and financial markets. Mr Wang is an active participant in both the Australian and Chinese financial services industries. Mr Wang immigrated to Australia from China in 1989 and founded AIMS two years later in Since its establishment, AIMS has grown into a diversified financial services group, active in the areas of lending, securitisation, investment banking, real estate investment and funds management, resources, high-tech and infrastructure investment. He is an advisor to a number of Chinese government bodies and government agencies and holds the position of Deputy President of the International Trade Council of China, a constituent body of the China Council for the Promotion of International Trade. In Australia, Mr Wang is the President of the Australia-China Finance and Investment Council. Mr Wang was awarded a Bachelor of Environment Engineering degree from China Eastern University, Shanghai, China. MR TAN KAI SENG, Aged 58 BA (Accountancy), CPA (Singapore), FCCA (UK) Independent, Non-Executive Director and Chairman of the Audit, Risk and Compliance Committee Mr Tan is also an Independent Non-Executive Director and Audit Committee member of IGB Corporation Berhad, a significant property investment and development company listed on Bursa Malaysia, Kuala Lumpur, Malaysia. Mr Tan was Finance Director of Parkway Holdings Limited from 1988 to 2005 and Group Financial Controller from 1980 to Parkway Holdings Limited is a leading fully integrated healthcare organisation in Asia, with one of the largest network of hospitals and healthcare services in the region. Prior to joining Parkway Holdings in 1980, Mr Tan had seven years of audit experience with Price Waterhouse Singapore and San Francisco. Mr Tan graduated with a Bachelor of Accountancy from the University of Singapore. He is a member of the Institute of Certified Public Accountants of Singapore and a Fellow of the Association of Certified Chartered Accountants, United Kingdom. Appointed a Director on 7 August Appointed a Director on 1 December 2006.

47 ANNUAL REPORT Board of Directors of the Manager continued MR NORMAN IP KA CHEUNG, Aged 57 BSC (Econs), Fellow (ICAEW), Fellow (ICPAS) Independent, Non-Executive Director and Member of the Audit, Risk and Compliance Committee Mr Norman Ip Ka Cheung graduated with a BSc (Econs) from the London School of Economics and Political Science. He is a Fellow of both the Institute of Chartered Accountants in England and Wales and the Institute of Certified Public Accountants of Singapore. Mr Ip has over 30 years of experience in auditing, accounting, treasury, investments and taxation. Currently, Mr Ip is an Advisor to the Straits Trading Company Limited, where he had served for 26 years prior to his retirement in At Straits Trading Company Limited, Mr Ip held the position of Executive Director, President and Group Chief Executive Officer from 2000 to The Straits Trading Company Limited Group is a listed company with diversified businesses in property, hospitality and metal and mineral resources. Mr Ip is the Chairman of the Board of Malaysia Smelting Corporation Berhad (listed on Bursa Malaysia Securities Berhad) and also serves on the Board of Australia Oriental Minerals NL (a company listed on the Australian Stock Exchange). He is also a Director of WBL Corporation Limited, United Engineers Limited and Great Eastern Holdings Limited. He is also a Member of the Board of the Building and Construction Authority in Singapore. MR EUGENE PAUL LAI CHIN LOOK, Aged 46 LL. M, LL. B Independent, Non-Executive Director Mr Lai is a Partner at Southern Capital Group and brings with him a wealth of experience in law, investment banking, real estate and private equity. Mr Lai was previously the Managing Director and Senior Country Officer of Investment Banking at JP Morgan in Malaysia and Managing Director and Chief Executive Officer of the Ascott Group Limited. He has also held the position of Partner at the Carlyle Group and Managing Director at Citigroup Singapore. Mr Lai began his career as an attorney in New York and in Singapore. He was awarded an LL.M from Harvard University and an LL.B from the London School of Economics and Political Science. Appointed a Director on 31 March Appointed a Director on 26 February 2010.

48 46 AIMS AMP CAPITAL INDUSTRIAL REIT Board of Directors of the Manager continued MR SIMON VINSON, Aged 49 BCom (Accounting, Finance & Systems), DipVal Non-Executive, Non-Independent Director and Member of the Audit, Risk and Compliance Committee MR GRAHAM SUGDEN, Aged 54 MA (Land Economy), MRICS, AAPI Non-Executive, Non-Independent Director Mr Vinson is the Head of Asian Property and New Business Initiatives at AMP Capital Investors. He was appointed Head of New Business Initiatives in March 2009 and leads the team responsible for sourcing and developing new business and product opportunities for AMP Capital s Property business. Appointed Head of Asian Property in 2006, Mr Vinson is responsible for establishing and growing AMP Capital s property investment capability in Asia and all aspects of property investment, research, acquisitions, disposals and portfolio management in the region. From 2006 to 2009, Mr Vinson also held the position of Managing Director, AMP Capital Singapore and spearheaded the establishment of AMP Capital s Asian hub office in that city. Joining the AMP Group in 1982, Mr Vinson has worked in varied roles, including a substantial period heading Property s Business Development Team, during which time the business launched several key property funds, including an unlisted Shopping Centre Fund, the Core Property Fund for retail investors and Property s first international product, the Global Direct Property Fund. Mr Vinson also has extensive experience in property development on both retail and commercial projects, as well as experience in property acquisitions and disposals across all property sectors. Mr Vinson is a member of the Property Leadership Team. Mr Vinson holds a Bachelor of Commerce (Accounting, Finance and Systems) from the University of New South Wales, and a Graduate Diploma in Real Estate Valuation from the New South Wales Institute of Technology, Sydney, Australia. Mr Sugden is the Head of Asian Funds Management at AMP Capital Investors. He joined the Group in He is responsible for the development and management of AMP Capital s Asian real estate funds management operations. Mr Sugden has over 30 years of experience in the industry. Prior to joining AMP Capital, he worked with other major real estate investment groups in Australia, Korea, Malaysia and Singapore, including several years with the Macquarie Bank Group. Mr Sugden has handled the creation and listing of REIT funds on the Australian, Korean and Singaporean stock exchanges and has considerable ongoing management experience in those markets. Mr Sugden s prior experience in Australia includes senior roles with Richard Ellis and Chestertons, and with Legal & General Life of Australia, where he was a Director of the property investment management business. Mr Sugden was a representative on the Founding Members Committee of the Asian Public Real Estate Association (APREA), and in March 2006 was appointed to the Board at the first annual general meeting. He has remained as a member of the Executive Committee, continuously serving as Vice President since. Mr Sugden holds a Masters degree in Land Economy from the University of Cambridge, England. He is a Member of the Royal Institution of Chartered Surveyors (MRICS) and an Associate of the Australian Property Institute (AAPI). Appointed a Director on 24 December Appointed a Director on 24 December 2009.

49 ANNUAL REPORT Board of Directors of the Manager continued MS GIAM LAY HOON, Aged 46 LLB. Sing (Hons) Non-Executive, Non-Independent Director Ms Giam Lay Hoon is an Executive Director at AIMS Financial Group (Singapore) Pte. Ltd., a subsidiary of AIMS Financial Group. She is a qualified lawyer by training and has over 25 years of experience in legal, corporate governance, compliance and regulatory matters. Before joining AIMS Financial Group, Ms Giam was the Group General Counsel at Oxley Corporate Limited from 2008 to Prior to that, she was a Senior Vice President (Legal & Corporate Secretariat) at Mapletree Investments Pte Ltd from 2003 to Ms Giam was the Company Secretary and in-house counsel (Vice President) at Temasek Holdings Pte Ltd from 2000 to Prior to joining Temasek Holdings Pte Ltd, she was a partner at leading Singapore law firms, specialising in the areas of real estate, corporate law and retail and institutional banking. Ms Giam is also an angel investor in several technology companies in Hong Kong. MR NICHOLAS PAUL MCGRATH, Aged 37 B.Bus, LLB (Hons) Executive Director Prior to joining the Manager as Chief Executive Officer in January 2009, Mr McGrath was the Chief Executive Officer of Allco Commercial REIT (now known as Frasers Commercial Trust) and Managing Director of Allco (Singapore) Limited. Mr McGrath moved to Singapore in 2005 to establish Allco s real estate funds management business. Prior to that, he spent over five years with Allco Finance Group in a range of senior executive roles in their property funds management division. Before joining Allco Finance Group, Mr McGrath was a lawyer at the leading Australian law firm, Blake Dawson Waldron. Appointed a Director on 31 March Appointed a Director on 26 February 2010.

50 48 AIMS AMP CAPITAL INDUSTRIAL REIT Management Team Nicholas McGrath Chief Executive Officer 2. Tang Buck Kiau Senior Finance Manager and Company Secretary 3. Wee Lih Koh Senior Investment Manager 4. Joanne Loh Asset Manager 5. Patrina Tan Fund Accountant and Compliance Officer 6. Charlotte Khoo Fund Accountant 7. Sue-Lyn Yeoh Investor Relations Manager